4 mainboard IPOs set to hit Indian market next week
15 Nov 2025

The Indian primary market is on fire with four intial public offerings (IPOs) set to list in the mainboard segment next week.

The companies are PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air India, and Fujiyama Power Systems.

After the stellar debuts of Groww and Pine Labs, investors are hopeful for more gains from these upcoming listings.

Let's take a look at their respective gray market premiums (GMPs) ahead of the listing next week.

PhysicsWallah IPO GMP and subscription details
IPO performance

The GMP for PhysicsWallah's IPO stood at ₹6 today, up from nil two days ago. This indicates that the shares were trading at a premium of ₹6 over the issue price of ₹109.

With this GMP, PhysicsWallah shares are likely to list at ₹115, a premium of 5.50%.

The company's IPO was subscribed 1.81 times with QIBs subscribing 2.70 times and retail investors' portion being subscribed 1.06 times while non-institutional investors' quota was subscribed only by 48%.

Emmvee Photovoltaic Power IPO GMP and subscription status
Market response

The GMP for Emmvee Photovoltaic Power's IPO was nil, indicating no premium in the gray market.

The company's ₹2,900-crore IPO was booked 97% at the end of its three-day bidding period. QIBs subscribed 1.26 times while retail investors' portion was subscribed 1.10 times and non-institutional investors' quota was booked by just 30%.

The company has set a price band of ₹206-217 per share for its IPO with an upper-end valuation target exceeding ₹15,000 crore.

Tenneco Clean Air IPO GMP and subscription details
Performance

The GMP for Tenneco Clean Air's IPO is a whopping ₹120 per share. This means the shares are trading at a premium of ₹120 over their issue price of ₹397.

The company has set a price band of ₹378-397 per share, targeting an upper-end valuation exceeding ₹16,000 crore.

The IPO is entirely an OFS by promoter Tenneco Mauritius Holdings Ltd with no fresh equity issuance.

Fujiyama Power Systems IPO GMP and subscription status
Market response

The GMP for Fujiyama Power Systems's IPO was nil, indicating no demand in the gray market.

The company's ₹828-crore IPO opened on November 13 and will close next week on November 17.

It is a mix of a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of 10 lakh shares valued at ₹228 crore at the upper end.